North Carolina Down Payment Assistance Programs

Online Payments - These programs would be the Down Payment Assistance System as well as the Mortgage Credit Certificate.

Also you purchase a house and December 1, 2009 and if you meet the requirements for one of those programs, you may also qualify for the $8,000 tax credit only enacted into law.

First, who is a first-time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a home in the prior three years. Here is the exact same qualifying definition for the $8,000 tax credit.

All home owners can claim an itemized deduction for mortgage interest.

You can claim 20% of the interest you pay as a credit on your own federal income taxes, should you qualify for the MCC. You can save around .

You'll be able to unite this, should you qualify for the MCC, for 2009. This could reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Household income means the “gross income of the mortgagor and any other man anticipated to reside in the residence who's 18 years old or older.”

House price limits Durham and Chatham Counties and the income are listed below.

MCC Income Limitations 1 Man $61,500 2 Individuals $61,500 3 Men $70,500 4 Men $70,500

MCC Sales Price Limits New Home $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

The buyer only needs to pay $1,000 of their own funds and the load would pay up to .

This program has stricter income limits than the MCC program summarized above. Like the MCC application, it may be used in conjunction with the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The down payment assistance, however, cannot be applied along with all the MCC. It is an either or situation.

The income and house price limitations that apply in Durham, Orange and Chatham Counties are listed below.

Down Payment Assistance Income Limitations

1 Individual $39,950 2 Persons $45,650 3 Individuals $51,350 4 Persons $57,050

Down Payment Assistance Sales Cost Limits New House $210,000 Existing Dwelling $210,000